180 Eats Berkeley 2015
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Transcript of 180 Eats Berkeley 2015
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Dan GoldmanFT MBA ‘15
Robert DongEW MBA ‘15
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Fresh, Chef-Prepared MealsJust Steps From Your Desk
Total Interviews: 111
Audrey LeungI-School ‘16
Megan MokriEW MBA ‘16
120M
6.4M
1.2M
Employees in US
Employees in SF Bay Area
without on-site meal options
Employees in SF Bay Area
mid-size companies without
on-site meal options
$700
M (mid-
size)
$193
B (US)
Sources: BLS, LinkedIn, Workonomix Survey 2013, Seamless Food in the Workplace Survey 2014
$3.8B (Bay Area)
89% of companies do not offer lunch options
2 / 3 employees buy lunch each week
$36.17 spent weekly on lunch per employee
The Market Opportunity
Getting Out of the Building
Delivery Customers
Corporate Customers
Industry Experts
Competitors
60
28
18
5
111 Total Interviews
KEY PARTNERS KEY ACTIVITIES VALUE PROPOSITION CUSTOMER RELATIONSHIP
CUSTOMER SEGMENTS
COST STRUCTURE REVENUE STREAM
KEY RESOURCES CHANNELS
- Convenient ordering- Healthy yet delicious- Variety through a
daily changing menu- Convenient location- Locally sourced
ingredients- Transparent
nutritional content and ingredient
- Health conscious individuals
- Individuals with special dietary needs (gluten-free, vegan, etc.)
- Suburban commuters
- Suburban families
- Suburban singles
- Delivery- Convenient locations
along commuter corridors
- Inventory planning- Seamless ordering
experience- Low cost of user
acquisition
- Skilled chef(s)- Breadth of local food
options- Real estate- Delivery drivers
- Kitchen rental costs- Packaging- Hourly & salary labor
- Gyms- Nutritionists- Schools- Mother’s groups- Local office buildings- Local farms- Food distributors- Packaging providers
- Food- Marketing- Retail rental costs
- Direct to customer meal sales- Wholesale meal sales- Event catering
- Website - Mobile app- Retail kiosks at transit
hubs- Gyms
- Self-service via web/mobile app
- Phone support- In-person cashiers at
retail
Business Model Canvas – Week 1
Understanding Our Customers
Health conscious individuals
Individuals with special dietary needs
Suburban commuters
Suburban families
Suburban singles
Week 1
People are skeptical about delivery food
• Not hot when delivered
• Uncertain wait time
• Value ( food quality / price) is low
People are willing to pay more for healthier versions of meals they currently order
Insights
Understanding Our Customers
Advanced planners
Last minute purchasers
Week 2
Ready-to-eat, hot food is important for many last minute decisions makers who tend to order when they are already hungry
Pick-up from a physical location on the way home is a more convenient than waiting for delivery for some advanced planners
For many advanced planners, meals delivered cold offers parents the flexibility to heat the food when the entire family is ready
Insights
Understanding Our Customers
Planners- Families - Married no kids - Single
Last Minute- Families - Married no kids - Single
HR / office managers
Week 3
For many, being a planner or last minute purchaser depending on what stage of life you were in (your age, if you had children, etc.)
For others, you could be a planner on some nights and a last minute purchaser on others – it depended more so on the circumstance
Most people who say they eat healthy order unhealthy takeout or delivery food to
• Satisfy a craving, or
• Because there are no healthy, convenient food options
Insights
• Delivery channel has low margins and is becoming increasingly competitive. Winners in this domain will be well-funded logistics powerhouses.
• Corporate channel appears to have clear need for freshly prepared meals – not just dinner, but breakfast and lunch too!
• Establishing exclusivity with corporate partners can create barriers to entry.
Week 7: Pivot from Delivery to Corporate
KEY PARTNERS KEY ACTIVITIES VALUE PROPOSITION CUSTOMER RELATIONSHIP
CUSTOMER SEGMENTS
COST STRUCTURE REVENUE STREAM
KEY RESOURCES CHANNELS
- Maintain health, energy, and morale of employees
- Save time at work- More convenient
and/or healthier that office cafeteria or local restaurants
- Easy, nutritious to-go option on hectic nights
- Gain quality time at the table with my family
- Increase ridership by providing commuters with food perk
- Healthier than office cafeterias or local restaurants
Wellness directors. Head of HR at office with > 250 employees
Employees in offices with > 250 employees
Owners of large, multi tenant office buildings
VP on-site services at corporate health management solutions
Head of Marketing / Operations at Transit
Commuters passing through hubs
- Inventory planning- Seamless ordering
experience- Sales - Delivery & restocking- Low cost of user
acquisition- Convenient locations
along commuter routes
- Breadth of local food options
- Skilled chef(s)- Health permits- Sales team- Delivery drivers- Real estate
- Kitchen rental costs- Packaging- Hourly & salary labor- RFID tags
- Offices with > 250 employees
- Local farms- Food distributors- Packaging providers- Juice companies- Food companies- Pantry Labs- Delivery Trucks- Mother’s groups- Local office buildings
- Food- Marketing- Self-service fridge rentals- Spoilage
- Direct to customer meal sales- Corporate subsidies- Subscription fee for offices- Slotting fee for food & beverage companies
- Workplace- Mobile app- Workplace- Retail kiosks at transit
hubs- Transit hubs
- Phone support- Self-service fridges- Account managers- In-person cashiers at
retail- Self-service via
web/mobile app
Business Model Canvas – Week 10
How the Business Works
Head of HR / Wellness Director / Facilities
Manager at Companies >250
Employees
Marketing & Selling
Feedback Gathering
Inventory Planning
Purchasing
Operations
Logistics
Merchandising
Data Gathering
Other Food Suppliers
CO
STS • Ingredients
• Prep• Plating
• Delivery • Fridge rent
SALE
S • Meal sales• Corporate
subsidies
Revenue Model
• Spoilage reimbursement
• Monthly subscription
• RFID• Packaging
Sell exclusively 180Eats products and expand product line
Next steps for corporate channel
Source partially or exclusively from other food producers
Expand micro-retail locations and exit home delivery channel
Testing micro-retail locations
Another pivot?
Key Business Decisions
Testing corporate channel with installed smart fridges
Finance & Operations Timeline
Q2 Q3 Q4 Q1 Q2 Q3 Q4
Pilot Analysis
of 10-15
companies
20162015
Test Additional Applications:
Hotels, Multi-Tenant Buildings,
Apartment Buildings
Bay AreaSeattle,
Portland,
Denver
San Diego / LA
Hiring: Finance & Ops
Lead, Account Mgr.
• Product mix
• Pricing
• Ideal client profile
Funding vs.
Bootstrapping?
Hiring: Sales,
Marketing,
LA Kitchen & Team
OnboardingSeattle Kitchen &
Team Onboarding
Seed Series A